PrismPremier Announces Exclusive Partnership With IBISWorld

The First-of-Its-Kind Collaboration Will Provide Financial
Institutions With Access to Essential Economic and Forecasting Data to
Validate Their CECL Calculations

NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Accounting?src=hash” target=”_blank”gt;#Accountinglt;/agt;–Furthering its commitment to making the transition from ALLL to CECL
calculations seamless, PrismPremier announces a new partnership with IBISWorld,
Inc., the global leader in industry market research.

PrismPremier offers software for allowance, analytics, and risk,
including CECL
360, a web-based solution designed specifically to address the
full-spectrum of FASB’s Current Expected Credit Losses (CECL). The
collaboration between PrismPremier and IBISWorld will provide CECL 360
users with exclusive access to important national economic and
forecasting data that will be necessary for CECL calculations.

“By integrating IBISWorld economic data sets into the CECL 360 platform,
financial institutions will have the ability to easily include
IBISWorld’s forward-looking analyses into their calculations and
supporting reports with just a click of a button,” said PrismPremier
CECL 360 Project Leader Asaad Faquir. “IBISWorld is a powerful resource
for market research and having the ability to provide that research
within CECL 360 will assist banks, credit unions, and financial
institution holding companies in supporting their results. By leveraging
the IBISWorld data, institutions won’t have to find a source to justify
their forecasts and calculations on their own – it’s a win-win.”

Access to the IBISWorld
data will be a premium add-on within the CECL 360 subscription. This is
the first of many upgrades that will be available to CECL 360
subscribers.

“The IBISWorld network is world-renowned for providing value-added
business, industry and economic information through a subscription
based-service. Through our partnership with PrismPremier, end users of
CECL 360 will be able to easily pull a selection of IBISWorld’s national
economic data and forecasts to support their CECL calculations,” said
IBISWorld Vice President, U.S. Industry, Jocelyn Phillips.

Additional benefits of the integration include:

All-inclusive reporting. Users will be able to include and
print IBISWorld research in their final report. With the click of a
button, users can include the data in “My Report.”

Future use. The premium add-on will offer the ability to save
the report in the PrismPremier CECL 360 system for future use.

“We are excited for what this partnership will mean for institutions
that are taking advantage of the premium add-on,” added Faquir. “We
understand that getting the right data set that institutions need to
make their predictions for future expected losses is critical. The
IBISWorld data is just one more way that PrismPremier CECL 360 can
assist in addressing the varied and unique CECL computation challenges.”

Powered by TXB, LLC, the PrismPremier brand of software products is
developed collaboratively by a team of experienced financial industry
professionals and seasoned technology specialists. Since 2010, they have
been providing financial institutions with an effective solution for
estimating, documenting and validating their Allowance for Loan and
Lease Losses (ALLL) reserves through its proprietary software known as
PRISM: The ALLL Calculator®. The PrismPremier team
understands and appreciates the challenges that are inherent in the
complex accounting, regulatory, and compliance environment that bank and
credit union leaders face on a daily basis.

Recognized as the nation’s most trusted independent source of industry
research, IBISWorld offers a comprehensive database of unique
information and analysis on 1,300+ industries. With an extensive online
portfolio valued for its depth and scope, the company equips clients
with the insight necessary to make better business decisions while
saving time and money. IBISWorld Industry Research serves a wide range
of academic, business, professional service, and government
organizations from its U.S. Headquarters in New York City.